Veterinary SpO2 Sensor Market Size, Share, Growth, and Industry Analysis, By Type (Fingertip, Toe, Auricular, Tongue and Tail), By Application (Veterinary Hospital, Animal Clinic and Others) and Regional Forecast to 2032

Updated On: 26 August 2024

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VETERINARY SPO2 SENSOR MARKET REPORT OVERVIEW

global Veterinary SpO2 Sensor Market size was USD 0.49 billion in 2023 & market to touch USD 0.56 billion in 2024 to USD 1.57 billion by 2032, CAGR of 13.8%. North America is dominating the veterinary SpO2 sensor market share in 2023.

The veterinary SpO2 sensor is an important device in veterinary medicine for determining the saturation of oxygen in an animal without using an incision. It uses red and infrared light to connect with haemoglobin in the blood, estimating the amount of light it can absorb at different wavelengths. This fluctuation shows the level of oxygen that is absorbed by the animal, important when assessing the respiratory condition of the animal. By comparison to invasive procedures that are used in monitoring such as arterial blood gas sampling, the SpO2 sensor is safer and more efficient. It has an essential application in different veterinary, such as anaesthetic administration, evaluating respiratory disorders, critical care monitoring and enhancing patient care and final results.

This will be very important in assessing the status of the general well-being of the animal, more so when the conditions of the animal are very critical and need immediate evaluation. Ways of getting a SpO2 are, of course, more invasive and most similarly stressful and risky to the patient, for instance, arterial blood gas sampling, which is more stressful. Oxygenation can be quickly determined by the veterinarian and appropriate steps taken in cases where the levels are low. This device is also put into control use during anaesthetic surgeries, as it observes the respiratory status of patients with a compromised respiratory system and for used in diseases such as pneumonia or heart disease management. The veterinary SpO2 sensor is equally reliable and convenient, thus making patient care better in the veterinary healthcare system.

COVID-19 Impact: Due to the disruptions of supply chains by the pandemic market growth was limited

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Pandemic effects have spread across the veterinary industry as various essential medical products such as SpO2 sensors face supply shortages. Operational struggles of veterinary clinics are enhanced by the current complexities in acquiring some of the crucial equipment since the supply chains have been disrupted. Worse effects arise when the demand is high due to production slowdowns or disruptions in transportation. Due to this, clinics are bound to receive necessary stocks at a slow pace and this in turn hampers adequate treatment to animal patients. The lack of SpO2 sensors also renders the general effect of supply chain interruption on veterinary medicine and underlines the importance of robust supply chain solutions in the eventuality of future hardships.

LATEST TRENDS

"Miniaturization and portability devices to drive market growth"

Miniaturization and portability stand heavily at the forefront of the Veterinary SpO2 Sensor Market due to the requirement for multifunctional devices for versatile applications. New models of portable and lightweight SpO2 devices are becoming popular among veterinary practitioners due to their usability in various settings that include field practices, clinics, on-ward and remote sensing practices. It is more common to see small, portable sensors nowadays allowing veterinarians to perform necessary evaluations conveniently sometimes in harsh environments or even isolated areas. Such advancements simply expand client access to essential monitoring equipment, ensuring timely interventions and thus superior care outcomes. Furthermore, these SpO2 sensors are portable, which is in variant with the nature of speciality practice today and it enhances the flexibility of the delivery of veterinary healthcare services in different settings. With the advancement in technology, the market for small and portable veterinary SpO2 sensors is anticipated to develop more in the future to suit the increasing requirement for multipurpose monitoring equipment in veterinary practice.

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VETERINARY SPO2 SENSOR MARKET SEGMENTATION

• By Type

Based on type the global market can be categorized into Fingertip, Toe, Auricular, Tongue and Tail.

Fingertip: Fingertip SpO2 sensors make it easier to check oxygen saturation non-invasively in veterinary clinics. Their nature of easiness requires no special treatment skill by the user therefore, they could be used by a wide range of individuals. Providing accurate readings enables effective patient oxygen monitoring. Their portability facilitates emergency use while being cost-effective making them a preferred choice among veterinary clinics seeking reliable monitoring solutions.

Toe: Toe SpO2 sensors, tailored for small animal use, offer sensitive readings for precise oxygen saturation monitoring. Their compact design ensures easy application and removal, even in small animals. Easy to clean, they reduce the risk of infection scramble, while providing accurate readings. Designed to cater to animals, these sensors are considered the best by veterinarians because they pick the smallest changes in the oxygen levels, hence very reliable in providing the best patient care.

Auricular: Auricular SpO2 sensors offer convenient non-invasive oxygen saturation monitoring in veterinary clinics. They're user-friendly, requiring no specialized training for application. Providing accurate readings, these sensors enable effective patient oxygen monitoring. Their portability facilitates emergency use while being cost-effective making them a preferred choice among veterinary clinics seeking reliable monitoring solutions for their patient's well-being.

Tongue: Tongue SpO2 sensors, tailored for animal use, offer sensitive readings for precise oxygen saturation monitoring. Their easy-to-clean design minimizes infection risks, ensuring accurate readings. They are specifically designed, hence the best by veterinarians, as they are very reliable in providing minimal changes in the oxygen level, hence giving excellent insight into providing effective care.

Tail: Tail SpO2 sensors, designed for non-invasive oxygen saturation monitoring, offer easy application without specialized training. Providing accurate readings facilitates effective patient oxygen monitoring in veterinary clinics. Their portability aids emergency use, while cost-effectiveness makes them popular among clinics seeking reliable monitoring solutions.

• By Application

Based on application the global market can be categorized into Veterinary Hospital, Animal Clinic and Others.

Veterinary Hospital: Veterinary grade SpO2 sensors find extensive use in veterinary hospitals to ensure accurate oxygen saturation monitoring for procedures related to surgeries and anaesthesia. They provide access to accurate readings, thus enabling the veterinarian to make informed decisions in the best interests of the patient. These sensors are easy to handle and portable so any veterinary expert can work with them with a very short working background. Apart from that, they are cost-effective and thus of preference in handling cases for better patient outcomes in veterinary hospitals.

Animal Clinic: In animal clinics, veterinary SpO2 sensors play a crucial role in the continuous monitoring of oxygen saturation needed for many routine procedures. These sensors are non-invasive and minimize discomfort and the risk of infection to animals. These portable sensors help in the early detection of respiratory issues pertinent to timely intervention. Easy to clean and compatible with various animals, they provide accurate readings, supporting comprehensive care across a wide range of species in veterinary practice.

Others: In research institutions, universities and government agencies, veterinary SpO2 sensors serve diverse purposes. They aid in research, studying treatment effects on animal health and in educational settings, teaching veterinary students about oxygen saturation monitoring. Government agencies employ them to ensure animal welfare in shelters and zoos. In specialized care units such as intensive care and emergency rooms, these sensors monitor critical health conditions in animals, enhancing veterinary care.

DRIVING FACTORS

"Rising consumers’ knowledge about the health of their pets to drive the market"

The rising consciousness among pet owners and veterinarians about the importance of the health condition of animals particularly during critical care has further boosted the requirement for basic monitoring devices which help the global Veterinary SpO2 Sensor Market growth. This seems to be due to the change in perception of pets as part of the family hence a reason why many owners want to be more active in the healthcare needs of their pets and early symptom detection. At the same time, veterinarians have noted the critical importance of continuous monitoring in critical care and have incorporated more advanced technologies such as SpO2 sensors into their work. These sensors are crucial in providing real-time results on the patient’s vital signs, thereby giving an early signal to request intervention and as such boosting the patient’s prognosis. Therefore, due to increasing education and media coverage towards the significance of SpO2 monitoring, the growth and need for SpO2 sensors and other related monitoring equipment will increase, thereby, elevating the overall quality of care for animals in various contexts of veterinary medicine.

"Technological developments in sensors for the progression of sensor equipment and the enlargement to expand the market "

The development of enhanced veterinary SpO2 sensors will also be driven by ongoing improvements in the sensor type, miniaturization of devices and connectivity features necessary to provide better functionality and ease of use for practitioners. Innovative features such as wireless capabilities, a lack of cable for direct smartphone integration and most notably, cloud-based data transmission have become standard features that should be expected from modern veterinary SpO2 sensors. Wireless technology enables veterinarians to have the freedom to assess patients through remote practice, which is real-time information. Smartphone integration is beneficial to improve the performance and the experience of using the gadget since it allows controlling and viewing the data with ease. On the other hand, cloud-based data storage embodies safety and efficacy in handling patients’ records and information as well as analytical tools. These have new and evolved technologies which are more effective, convenient and easy to use, thus providing better quality and care to the animal patients by the veterinarians.

RESTRAINING FACTORS

"High cost of equipment hinders the market growth"

The high cost of investment in veterinary SpO2 sensors remains one of the biggest challenges since some of the equipment may cost thousands of amounts, which may remain unaffordable to small clinics or clinics located in developing countries. This makes the costs of purchasing these advanced monitoring devices a burden, as they are unaffordable to most clinics that have small budgets. However, they also require additional costs for calibration and sometimes repair, which adds to the total expense. In developing regions financial resources are a scarce commodity, therefore expensive equipment is hard to come by hence the accessibility to advanced veterinary care technologies is very rare. As a result, many veterinary practices may opt for cheaper methods of monitoring SpO2 or may not include the SpO2 sensors in their practice at all, which in turn may pose a threat to the quality of care given to animal patients. It is important to focus on the issue of affordability to enhance the availability of essential veterinary monitoring technologies in different healthcare facilities.

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VETERINARY SPO2 SENSOR MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America accounts for the biggest market due to the high acceptance of the latest veterinary care technologies"

North America holds the largest share of the global Veterinary SpO2 Sensor Market share due to the increased usage of modern veterinary care technology. This region has well-developed clinics that have all the necessary equipment for the treatment of animals, including modern medical equipment. In addition, the population of pet owners in North America is high and knowledgeable about providing the best healthcare to their pets which would go a long way in making them demand advanced SpO2 monitoring devices. Furthermore, manufacturing centres are enriched by the presence of leading veterinary research institutions and academic centres, which propel development and advance technologies in the field. This supportive environment promotes innovations and their early adoption, enabling North America to take the lead in the expansion of the veterinary SpO2 sensor market. The leading role of the region is due to the specifics of veterinary medicine, well-developed regulation and high quality of veterinary services, which makes quality requirements high to guarantee the SpO2 sensors’ efficacy in veterinary practice.

KEY INDUSTRY PLAYERS

"Key industry players have come up with various sensor devices meant for veterinary to enhance the market"

Key industry players have initiated the production of different kinds of SpO2 sensors with an emphasis on veterinary usage, including the sensors fixed at the fingertip or toe and others. These sensors are valued for their high accuracy and minimal complexity and have gained great appreciation among veterinarians around the world. Their accuracies allow for diligent management of oxygen percentages within animal patients which is important for respiratory functions and treatments. Furthermore, their simple interfaces are more practical to work with thus, veterinary professionals can easily incorporate the gadgets into their practice without needing more training. The use of fingertip sensors allows convenient scales for bigger animals while toe sensors allow convenient scales for small animals, making it flexible in achieving the monitoring needed across different sizes of animals. These sensors are indicators of the efforts implemented by industry players in preparing for the needs of veterinary medicine, creating value for patients and positively impacting veterinary practice.

LIST OF MARKET PLAYERS PROFILED

• Digicare Biomedical Technology (U.S.)
• Kent Scientific (U.S.)
• Mediaid Inc. (U.S.)
• Nonin (U.S.)
• Smiths Medical Surgivet (U.S.)
• Medtronic (U.S.)
• Thames Medical (U.K.)
• KTMED (South Korea)
• Shanghai Berry Electronic Tech (China)
• Shenzhen Amydi-Med Electronics Tech (China)
• Shenzhen Keborui Electronics Co., Ltd (China)
• Shenzhen Raysintone Technology Co., Ltd (China)
• Shenzhen Medke Technology Co., Ltd (China)
• Shenzhen Pray-Med Technology Co., Ltd (China)
• Med-link Electronics Tech Co., Ltd (China)
• Med Accessories Technology DongGuan Co.,Ltd. (China)

INDUSTRIAL DEVELOPMENT

January 2024: SunTech introduces Vet40, surgical vital signs monitor for companion animals, expanding on their Vet BP products. Utilizing SunTech’s Advantage Vet blood pressure algorithm ensures accurate readings on animals. The Vet40 boasts quiet operation for nervous animals and offers customizable alarms. Portable yet versatile, it combines blood pressure, temperature, SpO2, ECG, and optional ETCO2 monitoring, with data transfer capabilities via Bluetooth or USB-C.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.